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Motilal Oswal Report
Post delivering spectacular earnings growth (76% YoY) in FY20, Granules India's posted strong revenue/Ebitda/Profit after Tax in Q1 FY21. This was led by new launches in formulations (FDs) and better market penetration for intermediates.
We have raised our earning per share estimate by 12%/6% for FY21/22E to factor in (a) the increased FD business on account of Abbreviated New Drug Application (ANDA) launches in the U.S., (b) addition of new molecules in the Active Pharmaceutical Ingredient segment, (c) increased traction in existing products, and (d) improving profitability due to backward integration.
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